The Economics of Biodiversity - The Dasgupta Review
On 2 February 2021, HM Treasury in the UK published a landmark report by Professor Sir Partha Dasgupta, Emeritus Professor of Economics from the University of Cambridge, that it had commissioned in 2019, ‘The Economics of Biodiversity: The Dasgupta Review’.
This is probably a report that will be read and reflected upon for years to come. Its publication is particularly timely, with the 15th Conference of Parties, COP15, to the Convention on Biological Diversity due to be held in Kunming, China, in the second quarter of 2021.
David Attenborough wrote the Foreword for the report, and set it in context in this way -
“But consider the following facts. Today, we ourselves, together with the livestock we rear for food, constitute 96% of the mass of all mammals on the planet. Only 4% is everything else – from elephants to badgers, from moose to monkeys. And 70% of all birds alive at this moment are poultry – mostly chickens for us to eat. We are destroying biodiversity, the very characteristic that until recently enabled the natural world to flourish so abundantly. If we continue this damage, whole ecosystems will collapse. That is now a real risk.
Putting things right will take collaborative action by every nation on earth. It will require international agreements to change our ways. Each ecosystem has its own vulnerabilities and requires its own solutions. There has to be a universally shared understanding of how these systems work, and how those that have been damaged can be brought back to health.
This comprehensive, detailed and immensely important report is grounded in that understanding. It explains how we have come to create these problems and the actions we must take to solve them. It then provides a map for navigating a path towards the restoration of our planet’s biodiversity.
Economics is a discipline that shapes decisions of the utmost consequence, and so matters to us all. The Dasgupta Review at last puts biodiversity at its core and provides the compass that we urgently need. In doing so, it shows us how, by bringing economics and ecology together, we can help save the natural world at what may be the last minute – and in doing so, save ourselves. “
In brief summary, the Headline Messages are as follows:
Our economies, livelihoods and well-being all depend on our most precious asset: Nature.
We have collectively failed to engage with Nature sustainably, to the extent that our demands far exceed its capacity to supply us with the goods and services we all rely on.
Our unsustainable engagement with Nature is endangering the prosperity of current and future generations.
At the heart of the problem lies deep-rooted, widespread institutional failure.
The solution starts with understanding and accepting a simple truth: our economies are embedded within Nature, not external to it.
We need to change how we think, act and measure success.
(i) Ensure that our demands on Nature do not exceed its supply, and that we increase Nature’s supply relative to its current level.
(ii) Change our measures of economic success to guide us on a more sustainable path.
(iii) Transform our institutions and systems – in particular our finance and education systems – to enable these changes and sustain them for future generations.
Transformative change is possible – we and our descendants deserve nothing less.
Some of the international responses to the report have been published alongside it and are themselves significant. For example Richard Deverell, Director, Royal Botanic Gardens, Kew, (one of the UK’s leading centres of excellence and knowledge on the Convention on Biological Diversity and plant conservation) commented:
“The premise of Professor Dasgupta’s review is at the heart of RBG Kew’s work and mission - all life on Earth, including humanity, depends on nature. Kew’s experience in over 100 countries documenting, protecting and promoting the sustainable use of biodiversity supports his conclusion that our demands on nature are untenable. We welcome Professor Dasgupta’s considered review and the specific actions he proposes to recognise nature as an asset and reconsider our measures of economic prosperity. In this critical year, Kew will continue to offer advice, provide evidence and take action. If we are to change the trajectory for future generations, real commitment to transformative change, such as that proposed in this review, is essential. This is an incredibly important report and a critical moment for humanity. Planetary health is on a knife edge.”
Christiana Figueres, Former Executive Secretary, United Nations Framework Convention on Climate Change (UNFCCC) and Founding Partner, Global Optimism commented:
“Congratulations to Professor Dasgupta and his team for this essential Review. And kudos to the UK Treasury for commissioning it. It is a compelling example of the leadership we need from government and the world’s leading experts on how to address the interrelated crises of Nature and climate. The Review makes it clear that it is less costly to conserve Nature than to restore it once it’s damaged or degraded and provides the economic rationale for expanding and improving the management of protected areas. We can translate this idea into action by protecting 30% of the planet by 2030. The Review lays the foundation for how to address the twin crises of biodiversity and climate. We all must take these ideas and turn them into action – now!”